This article looks at the 12 best places to retire in Finland. If you wish to skip our detailed analysis of the retirement savings shortfall, you may go to 5 Best Places to Retire in Finland.

Navigating the Retirement Savings Shortfall: Insights and Solutions

Despite countless retirement studies sending out the same message, the reminder to save more for retirement has yet to quite sink in for many Americans today. In a recent take, Morningstar, Inc. (NASDAQ: MORN) used a retirement savings simulation tool to add to the conversation about the retirement savings shortfall amongst Americans.

READ ALSO: 25 Beautiful Places Where You Can Retire with Just $500,000 in Savings and 15 Best Places in Mississippi For A Couple To Live On Only Social Security.

According to Morningstar, Inc. (NASDAQ: MORN), 45% of Americans will run out of money if they retire at the traditional age of 65. The American financial services firm reinstates the need for Americans to save more and for longer, particularly in tax-deferred savings programs. For those who can take up this path, findings note that results have improved dramatically.

For those who choose to delay claiming Social Security benefits till age 67, the retirement savings shortfall is likely to drop to 38% of the population. Likewise, delaying it till 70 will likely result in a drop to 28% of the surveyed group, notes the study. Bottom line? Those who are unable to or are simply not participating in defined-contribution plans are in a retirement crisis. It is therefore no surprise that as of 2022, an estimated 6 to 8 million adults aged 65 or older live in poverty. While many consider living with the bare minimum as their only option, many American retirees are leaving the US to stretch their limited retirement incomes and hopefully enjoy a better standard of life. However, affordability isn’t the only factor they are looking at. Safety and good healthcare are just as important.

One Nordic country meeting the many requirements of prospective foreign retirees is Finland. Finland is good for retirement for a myriad of reasons. For starters, the country is the 13th most peaceful country in the world, according to the Global Peace Index 2024. This makes it one of the safest countries to retire to. Moreover, the Finnish Healthcare system is remarkable. All permanent residents can enjoy public Finnish healthcare benefits and medical services. Expats can also opt for private health insurance as it is faster, and much cheaper than in the US. Another advantage of retiring to Finland is its excellent public transportation system. The people are also known to be one of the most honest in the world. English is widely spoken, so American retirees won’t have a problem living here. Last but not least, living expenses in the country are an estimated 33% lower than in the US.

Some disadvantages of retiring to the country include having to cope with the freezing cold in the winter months. Those who wish to move, foreigners can retire to Finland by applying for a residence permit. In order to apply, applicants need to go to a Finnish embassy in their country, provide certain documents, and prove fluency in English.

Returning to the findings of Morningstar, Inc. (NASDAQ: MORN), the data makes it clear that proactive planning and delaying Social Security benefits can significantly impact one’s financial security in retirement. Given these insights, the importance of preparing for retirement cannot be overstated, making way for more options for retirees to consider for their golden years. Morningstar, Inc. (NASDAQ: MORN) is an American financial services firm headquartered in Chicago, Illinois providing an array of investment research and investment management services. The company reported double-digit revenue growth for the second quarter this year, along with an expansion in operating margins. There was a 13.3% increase in revenue to $571.9 million, with strong contributions from Morningstar Credit, PitchBook, and Data and Analytics. Operating income surged 160.2% to $108.5 million, while adjusted operating income rose 87.9% to $131.0 million. The operating margin improved to 19.0%, up from 8.3% in the prior year. Net income increased by 90.5% to $69.1 million, or $1.60 per diluted share. Adjusted diluted net income per share was $2.01, a 54.6% rise, despite a $0.10 impact from foreign exchange losses.

“Led by Morningstar Credit’s strength across regions and asset classes, we finished the first half of 2024 on a high note. We remain focused on durable growth in adjusted operating income. Our teams are delivering product enhancements to customers, including the addition of collateralized loan obligation data to PitchBook, and the integration of our Intelligence Engine into Advisor Workstation, which will allow advisors to further automate client workflows.”

-Kunal Kapoor, Morningstar’s chief executive officer.

While we acknowledge the potential of MORN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MORN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Methodology

To compile the list of best places to retire in Finland, we have utilized a consensus-based approach, drawing on a variety of authoritative sources, such as demographic studies, expert opinions, and first-hand expat opinions. We aggregated recommendations from these sources to calculate an Insider Monkey Score for each location, reflecting the frequency and consistency of endorsements. Locations were then ranked in ascending order based on their Insider Monkey Score, ensuring that those most frequently recommended were placed highest.

At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

Here are the best places to retire in Finland:

12. Porvoo

Insider Monkey Score: 3

Average Monthly Cost of Living (Per Individual): $2,824

A picturesque old town, Porvoo lies on the south coast of Finland. It is the second-oldest city in the country and offers a peaceful lifestyle for retirees. Its preserved Old Wooden Town, with its cobbled streets lined with old dollhouse-like houses, exudes a classic charm. Cozy cafes, numerous art galleries, handcraft and homeware shops, and cultural events all have a hand in creating an inviting atmosphere for seniors. Moreover, Porvoo is just as beautiful as its people, with picturesque parks and natural areas embracing it. The center of the city opens up to a national urban park where mesmerizing views and natural attractions allow seniors to feel refreshed. Porvoo also offers a comparatively affordable lifestyle as compared to the larger cities, further cementing its reputation as one of the best places to retire in Finland.

11. Espoo

Insider Monkey Score: 4

Average Monthly Cost of Living (Per Individual): $3,300

Located west of Helsinki, Espoo is home to stunning outdoors, modern infrastructure and expansive green spaces. Lake lovers will be pleased to know that there are over 90 lakes here, something especially exciting for those who love to fish. However, its standout feature is the Nuuksio National Park, a national park with beautiful scenery and diverse flora and fauna. The Waterfront Walkway is another remarkable attraction in the city,  a scenic route that stretches along the coastline and offers stunning views of the Baltic Sea as well as access to several beaches. Espoo is also known for its lively environment and reliable transportation system. Retirees also have access to well-developed infrastructure and modern healthcare facilities.

10. Tampere

Insider Monkey Score: 6

Average Monthly Cost of Living (Per Individual): $2,820

Lying between Näsijärvi Lake and Pyhäjärvi Lake, Tampere is another top retirement destination in Finland to consider for your golden years. Often referred to as the “Manchester of the North”, the city offers retirees a dynamic blend of scenic natural surroundings and urban life. From stunning lake and forest views at the Pyynikki Ridge and Observation Tower to peaceful walks at Hatanpää Arboretum botanical garden that lies along the shores of  Lake Pyhäjärvi, Tampere is sure to be a retiree-favorite. There is also a vibrant arts scene, numerous theaters, modern infrastructure, and excellent healthcare facilities.

9. Savonlinna 

Insider Monkey Score: 7

Average Monthly Cost of Living (Per Individual): $2,688

A town in Finland, Savonlinna lies in the Finnish Lakeland, the South Savo region. Retirees will come to love it for its breathtaking landscapes, rich cultural heritage, and picturesque environment. Its location amidst the Saima Lake system, one of Finland’s largest network of lakes, offers countless islands, peninsulas, and waterways.  The town also offers excellent healthcare facilities, affordable housing, and a peaceful environment for retirees.

8. Lappeenranta

Insider Monkey Score: 8

Average Monthly Cost of Living (Per Individual): $2,856

Lappeenranta, a city in the southeastern interior of the country and in the Finnish Lakeland, makes it to the eighth place on our list of best places to retire in Finland. The climate capital of the country offers abundant nature activities in its Lake Saimaa neighborhood. From the Saimaa UNESCO Global Geopark with its stunning landscapes to the Lappeenranta Fortress—a historic site where visitors can explore museums, art galleries, and artisan shops, and enjoy scenic views of the lake and city—this city is bursting with energy and recreation.

7. Kuopio

Insider Monkey Score: 8

Average Monthly Cost of Living (Per Individual): $2,688

This regional capital of North Savo located in the Finnish Lakeland is another excellent retirement time destination to consider. Kuopio is known for its unimaginable beauty, unique Finnish tradition, and never-ending adventures. Its location on the shores of Lake Kallavesi, one of Finland’s largest lakes, makes it an ideal choice for retirees who love to live amidst nature. From silent landscapes such as Puijo Tower which offers panoramic views of the surrounding landscape, to lively cultural scenes at Kuopio Dance Festival and Kuopio Wine Festival, there is something for everyone.

6. Rovaniemi

Insider Monkey Score: 10

Average Monthly Cost of Living (Per Individual): $3,220

For those who love the Northern Lights, Rovaniemi is the place to be to get a chance to witness them. It’s also known as the “Official Hometown of Santa Claus”, where the magic of the Arctic blends with Lappish culture and modern amenities. Some of the country’s most breathtaking landscapes can be found here, where retirees can enjoy countless outdoor activities such as hiking, skiing, and even snowboarding. Home to spectacular nature, exquisite delicacies, and Nordic simplicity, Rovaniemi is one of the best places to retire in Finland.

5. Vantaa

Insider Monkey Score: 12

Average Monthly Cost of Living (Per Individual): $3,000

Located north of Helsinki, Vantaa is a multicultural city in Finland offering the best amalgamation of modern amenities and spectacular nature. There are several large parks and recreation areas such as Kuusijärvi, a popular spot with a lake, saunas, and hiking trails, and the Sipoonkorpi National Park, located in proximity. The city also hosts several festivals and events, boasts modern healthcare facilities, and offers a good quality of life for seniors.

4. Oulu

Insider Monkey Score: 13

Average Monthly Cost of Living (Per Individual): $2,856

Retirees searching for a gorgeous location to call their forever home can choose the vibrant city of Oulu. Oulu lies where the Oulujoki River meets the Bay of Bothnia, offering retirees abundant opportunities to make memories by the sea. The city also promises snow-covered sceneries, starry skies, a frozen sea, a rich cultural scene, and modern amenities.

3. Jyväskylä

Insider Monkey Score: 15

Average Monthly Cost of Living (Per Individual): $2,517

The vibrant university city of Jyväskylä is a well-rounded retirement destination for seniors looking to settle in Finland. Situated in central Lakeland, this city offers a compelling blend of national parks and urban culture. The city is ablaze with events like the FIA World Rally Championships and City of Lights, offering a vibrant mix of modern and traditional Finnish experiences. The city is also known for Alvar Aalto’s iconic architecture as well as scenic lakes, making it a paradise for outdoor enthusiasts and design lovers alike.

2. Turku

Insider Monkey Score: 16

Average Monthly Cost of Living (Per Individual): $2,700

Lying on the southwest coast of Finland straddling the Aura River, Turku is another beautiful location to spend one’s golden years. From its famous Turku Castle, a medieval fortress with a history museum, perched at the river mouth to cultural arenas such as the Turku Art Museum, the city is a fine collection of history and art. The Aura River is lined with charming cafes, restaurants, and boutiques, while the waterfront setting offers the perfect picturesque backdrop for strolls, boat tours, and outdoor dining. Excellent healthcare facilities, well-developed transportation systems, and modern conveniences make it a strong contender as a retirement destination.

1. Helsinki

Insider Monkey Score: 18

Average Monthly Cost of Living (Per Individual): $3,360

Based on our methodology, the best place to retire in Finland is the southern capital of Finland, Helsinki. This charming seaside city offers everything that a retiree can dream of for their ideal retirement destination. From its world-renowned architecture to co-created public events, cultural spotlights and picturesque cafes to its standout waterfront and modern amenities, Helsinki is a compact mix of vibrant urban life, rich cultural experiences, and stunning natural beauty. Living expenses in the city are bit higher than in many other cities and towns in the country, but they are offset by a higher standard of living.

Fun Fact: The filtered tap water in the Helsinki metropolitan area comes from Lake Päijänne, is good quality, and is also safe for drinking.

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Disclosure: None. This article was originally published on Insider Monkey.